Protests cost Thailand over Bt490b

BANGKOK, February 24 (TNA) - Political protests have cost a loss of business opportunities in Thailand worth over 490 billion baht so far. According to the Faculty of Economics at Rangsit University, the loss can reach a trillion baht and the Thai economy may shrink by 0.5 per cent consequently this year. Anusorn Thamjai, dean of the faculty, told journalists on Monday that the three-month domestic political protests should cause a slowdown in the Thai economy in the first quarter of this year and the situation could continue in the second quarter. As a result, Anusorn assessed, the national economy should grow by only 0.5 per cent in the first half of this year and should remain stable or shrink by 0.5 per cent throughout this year. Anusorn assessed that in the best-case scenario, if Thailand completed the general election in April leading to the opening of the House session and the formation of the next government and political problems were solved without any more violent incident, the Thai economy could grow by 2.5 per cent. In the worst-case scenario, he pointed out, if there was more political violence and a bloodshed, the 2015 fiscal budget was delayed, there was a coup, a failed state or a state of anarchy, the national economy could contract by 0.5 per cent this year and there would be a political crisis-driven recession. Anusorn said despite the noticeable recovery of the global economy and Thai export growth, the negative impacts would happen as Thai tourism was slowing down, the government's spending was delayed and payment for farmers' pledged rice with the government was postponed. Anusorn cautioned that 2014 could be the beginning of a decade of recession of the Thai economy, but if Thailand was able to solve domestic political unrest, carry out comprehensive reform and realize true democracy, Thai people would enjoy better quality of life and see significant national progress afterwards. (TNA)